The Tier 1 Entrepreneur visa are for those who wish to set up a business in the UK or join an existing business can apply within the Tier 1 Entrepreneur category.
For the application, you will need to show you have at least £200,000 of your personal savings available, which can include third party funding. Alternatively, you can show you have access to at least £50,000 through seeking funding from a UK registered venture capital firm, seed funding competition or the government department. For those who are in discussions with securing funding, there is also a Prospective Entrepreneur visitor category available to facilitate meetings held in the UK for that purpose.
- the money is held in one or more regulated financial institutions; and
- the money is disposable in the UK; and
- the proposed business is deemed by UK Visas and Immigration to meet the “Genuine Entrepreneur” test; or
- access to £50,000 in investment funds if that comes from specifically approved sources
- or if switching within the UK from particular immigration categories; and
- they can satisfy an English Language requirement; and
- they have the necessary funds (a minimum of £3,100 for 90 consecutive prior to the date of the application if outside the UK and
they need to show that business will create at least two new full-time jobs or its equivalent for resident workers in the UK, which will exist fir an equivalent of at least 12 months.
You must demonstrate that you have the relevant entrepreneurial skills, background and experience to meet the ‘genuine entrepreneur’ requirement. A business plan must be submitted with the application to evidence your proposals. We can work with you to prepare your business plan to ensure your business proposals are sufficient for the purposes of the immigration application.
You can come to the UK with a Tier 1 (Entrepreneur) visa for a maximum of 3 years and 4 months. You can apply to extend this visa for another 2 years if you have already in this category and 3 years if you’re switching to it from another category.
You may be able to apply for settlement (known as ‘indefinite leave to remain’) once you have been in the UK for 5 years.
Tier 1 Entrepreneur Accelerated Route
Under the current rules, an applicant who has been granted Tier 1 Entrepreneur status can apply for Indefinite leave to Remain (ILR) after 3 years, if they can show they have created 10 new job roles within their business, each having lasted at least 12 months.
On obtaining your Tier 1 visa we can provide you with legal assistance across a broad range of services. This includes from setting up the business and incorporating the company in the UK, to advising on drafting corporate documents (such as director’s loan agreements). We can also help with employment contracts, advise on renting and/or purchasing property in the UK for personal or commercial use.